20 Countries with the Highest Rate of Economic Growth in 10 Years

Published on December 16, 2023 at 3:15 pm by Zarah Hamid in Business, Economy, Lists, News

In this article, we will be analyzing the global economy while covering the 20 countries with the highest rate of economic growth in 10 years. If you wish to skip our detailed analysis, you can move directly to the 5 Countries with the Highest Rate of Economic Growth in 10 Years.

The Recovering Global Economy

According to a report by The International Monetary Fund, global growth was forecasted to slow down from 3.5% in 2022 to 3.0 % in 2023 and 2.9 % in 2024. The global economy continues to recover from the intense impact of COVID-19 and the Russian invasion of Ukraine. However, economic activity has still not resumed to pre-pandemic levels, especially in emerging markets and developing economies.

The Brighter Side of the Slowed Global Recovery

Geopolitical tensions, the aftereffects of the global pandemic, and high inflation serve as a burden on the global economy. However, certain nations continue to grow. The United States has outperformed the European Union, the United Kingdom, Japan, Canada, and other advanced economies in 2023. You can also take a look at some of the largest economies in the world by 2050.

On December 7, CNN reported that the GDP in the United States grew at a rate of 5.2% in the third quarter of 2023, surpassing China. The IMF has also forecasted the US GDP to grow by 2.1% this year and by 1.5% in 2024, more than double the growth rates forecasted for the UK and even ahead of the euro area, which has been expected to grow by 0.7% this year and 1.2% next year. The country also continues to raise capital globally. The Inflation Reduction Act commits $369 billion toward clean energy projects which could attract more investment into the country. The US cumulative venture capital investment in AI over the last 10 years was more than double the AI investment in China and almost 10 times that in either the European Union or the UK.

The divergence between the United States and the Euro area can be explained on the basis of several factors, the first one being energy prices. Since Europe is a net importer of energy, the inflation rate is higher in the region as compared to the US. The Euro area was highly exposed to the spike in natural gas prices following the Russian invasion of Ukraine. An example of this energy shock is Germany which experienced a decline in output due to reliance on Russian gas.

The world’s second-largest economy, China, continues to be vulnerable to weak consumer spending, a decline in real estate, and reduced global demand for its manufactured goods. Although the economy is making efforts to recover, growth is still slow. Simultaneously, the IMF has predicted India’s economy to expand by 6.4% this year and the next. The Modi government has plans to make India a $5 trillion economy by 2025. These dynamics would qualify India as the world’s fastest-growing major economy. Other fastest-growing economies in the world have also been previously covered.

American Multinationals Leading the Way

Being a global super economy, the United States hosts many companies that have leveraged their presence worldwide. Some of the leading American multinational companies contributing significantly to the region’s economic growth include Amazon.com, Inc. (NASDAQ:AMZN), Walmart Inc. (NYSE:WMT), and eBay Inc. (NASDAQ:EBAY). Let’s take a look at what these companies have been up to.

On November 16, Amazon.com, Inc. (NASDAQ:AMZN) announced the launch of a broad strategic partnership with Hyundai Motor Company, one of the largest global car makers. Under this partnership, auto dealers will be able to sell vehicles at Amazon.com, Inc.’’s (NASDAQ:AMZN) U.S. store for the first time and Hyundai will be the first brand available for customers to purchase in 2024. Hyundai will also be becoming a more data-driven organization by choosing Amazon Web Services (AWS) as its preferred cloud provider to boost its digital transformation. Furthermore, Hyundai’s next-generation vehicles will be capable of accessing the hands-free Alexa experience in 2025.

Walmart Inc. (NYSE:WMT) is a leading American multinational retail giant. On December 13, the company reported that it is offering customers one last chance to make savings before the holiday season. Customers will be able to shop new deals on many gifts across tech, apparel, home, and other items till December 21. This last holiday savings event began in stores nationwide on December 13. Walmart Inc. (NYSE:WMT) is offering diverse delivery options such as in-store pickup, shipping, and express delivery.

eBay Inc. (NASDAQ:EBAY) is an American multinational e-commerce company based in San Jose, California. On November 29, the company reported that it had entered a commercial agreement with COMC, an innovator in the sports trading cards space, to accelerate the growth of the trading card hobby. eBay Inc. (NASDAQ:EBAY) is also making an investment in COMC which will help allow access to new services for eBay customers, including making listings easier and more efficient. This deal will also help sellers digitize their inventory and assist buyers in finding the cards they want.

While The US is one of the strongest economies in the world, several other economies have managed to grow at a remarkable rate, on average, over the past 10 years. Let’s take a look at the 20 countries with the highest rate of economic growth in 10 years.

Richest Countries in the World by GDP Per Capita

20 Countries with the Highest Rate of Economic Growth in 10 Years

Our Methodology:

In order to compile a list of the 20 countries with the highest rate of economic growth in 10 years, we sourced data from the International Monetary Fund (IMF). The most recent data was available from 2022. We considered the growth in real GDP for all countries over the last 10 years. We averaged the real GDP growth rates of countries over the last 10 years and ranked them in ascending order.

20 Countries with the Highest Rate of Economic Growth in 10 Years

20. Democratic Republic of the Congo

Average Real GDP Growth: 5.35%

The oil sector accounts for a significant portion of the GDP and the exports in the Democratic Republic of the Congo. The average real GDP growth was 5.35% in the last 10 years which makes the Republic of Congo another country with the highest economic growth during this period.

19. Seychelles

Average Real GDP Growth: 5.44%

The economy of Seychelles largely relies on tourism and fisheries. The country is one of the most prosperous countries in sub-Saharan Africa and has a high GDP per capita among other African nations.

18. Cambodia

Average Real GDP Growth: 5.51%

With an average real GDP growth of 5.51% in the last decade, Cambodia ranks as one of the countries with robust economic growth in 10 years. The recovering services sector has contributed to the recent economic growth in the country.

17. Benin

Average Real GDP Growth: 5.53%

The 20 countries with the highest rates of economic growth in 10 years include Benin as well. The national economy has been resilient against external conditions such as the closure of borders with Niger and the increase in gas prices due to the reforms implemented in Nigeria.

16. Niger

Average Real GDP Growth: 5.69%

Niger is another African country with a high rate of economic growth in 10 years. The real GDP growth rate was 5.69% during this period. The national economy is highly dependent on agriculture.

15. India

Average Real GDP Growth: 5.78%

India is one of the fastest-growing economies in the world. Strong domestic demand, robust investment activity, and private consumption have resulted in an expansion in the national economic performance.

14. Guinea

Average Real GDP Growth: 5.85%

Guinea is one of the 20 countries with the highest rates of economic growth in 10 years. The agricultural sector, natural resources, and processing industries are significant economic resources for Guinea.

13. Uzbekistan

Average Real GDP Growth: 5.87%

Uzbekistan has maintained its economic growth in the last 10 years. It recorded an average real GDP growth of 5.87% during this period. In the first half of 2023, the growth in the country’s real GDP was driven by exports, remittances, and consumption.

12. Vietnam

Average Real GDP Growth: 6.1%

With an average real GDP growth of 6.1% in the last 10 years, Vietnam ranks among other countries with high economic growth. The agricultural sector highly supports the economy by contributing to the GDP as well as employment.

11. Tanzania

Average Real GDP Growth: 6.18%

Tanzania is another country with a high economic growth rate in 10 years. The recent strong growth in exports and the structural reforms aimed at improving the economy’s competitiveness have played their role in Tanzanian economic growth.

10. China

Average Real GDP Growth: 6.24%

China is one of the leading global economies. The country has maintained an average growth rate of 6.24% in its real GDP in the last 10 years. Major improvements in poverty eradication, health, and education have also been made during this period.

9. Malta

Average Real GDP Growth: 6.26%

Malta is one of the 20 countries with the highest rate of economic growth in 10 years. The national tourism sector has strongly rebounded after the pandemic and economic growth has been expected to remain robust in the coming years.

8. Rwanda

Average Real GDP Growth: 6.34%

Rwanda saw high economic growth in the last decade. Regardless of challenges including the Russian invasion of Ukraine, climate-related issues, and inflationary pressure in 2022, Rwanda sustained its economic growth. It has also made improvements in its living standards among other African countries.

7. Bangladesh

Average Real GDP Growth: 6.5%

Bangladesh has witnessed relatively high economic growth in the last 10 years as evidenced by its average real GDP growth of 6.5% during this period. Factors contributing to the country’s economic growth include strong ready-made garment exports, remittance inflows, and stable macroeconomic conditions.

6. Maldives

Average Real GDP Growth: 6.82%

Maldives ranks as another country with a high economic growth in the last decade. The country recorded an average real GDP growth of 6.82% during this period. The national economy significantly relies on tourism which has driven a sustained economic performance of the country.

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